Nomura to Cut About 100 Jobs at Its Troubled European Business
- Japanese bank wants 50% cost reduction at EMEA flow businesses
- Nomura pulling back from EMEA G10 rates, FX, flow credit, EM
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Nomura Holdings Inc. will fire about 100 workers at its troubled European business as Japan’s biggest brokerage embarks on its latest attempt to achieve sustained profitability overseas, a person familiar with the matter said.
Most of the job cuts will target rates and credit traders at Nomura’s London-based Europe, Middle East and Africa division, said the person, who requested anonymity as the numbers aren’t final. The Japanese brokerage plans to reduce costs at its so-called flow businesses in the EMEA region by 50 percent as part of a sweeping range of job cuts, Co-Chief Operating Officer Kentaro Okuda said in a presentation Thursday.